Bought yourself a yacht since you separated?
Things need to change! Even Family Lawyers acknowledge that the legal process for finalising Financial Settlements can get way out of hand.
Lawyer bills getting out of hand and how to avoid it
On a recent edition of ABC Radio National program, The Money, Family Law specialist Scott Wegwood said: “separation legal costs start at around $20,000 and go up from there”.
Another lawyer on the program confirmed the reality that the family’s accumulated wealth is redistributed to lawyer’s family and associates. The money goes to “My kids’ orthodontists, boat repairer who is a ‘downstream’ recipient of litigious separations!
Family Lawyers on the same radio program added that an amicably negotiated financial split ‘starts’ out at $5000 per client.
It’s good to know that some lawyers do mention to their clients that it could be a less-costly option to use a qualified mediator to faciliate their Financial Agreement.
Working out your financials saves money
It is totally legal to work out your financials with an experienced Family Dispute Resolution Practitioner. Firstly we jointly compile a full and frank picture of your financials. Then engage in a reasonable, respectful, discussion about the options and work mutually towards making decisions. This option could potentially save you thousands of dollars.
Then, you access a lawyer for specific check-ins and sign offs. Implementing independent legal advice regarding the Agreement, completing the legal implications for superannuation splits, and writing up and submitting the Consent Orders.
But, in the end the cost to each party could definitely be under $5000 each. With what you save you might be able to buy a small dinghy.